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Hong Kong bourse to help Myanmar establish gold trading hub

The Chinese Gold & Silver Exchange Society is in discussions to help Myanmar's government create a gold trading market, the South China Morning Post wrote April 9, citing Haywood Cheung Tak-hay, the exchange's president.

As part of the plan, Myanmar will receive advisory and technical support from the local exchange via the Hong Kong Myanmar Chamber of Commerce, Cheung noted. The gold exchange will also be subject to regulatory clearance and the chamber will handle the shareholder structure.

"Myanmar lies on the route of China's One Belt, One Road project, which enables it to capture the growing opportunities of commodities and other types of trading in the region," Cheung said.

According to the report, this is the Hong Kong bourse's initial attempt to expand its services overseas. The exchange, which was established in 1910, is still used by gold and jewelry traders for floor trading and internet trading.